Zarara Announces Commencement Of Drilling Operations On The Sofala Bay Prospect In Mozambique.Business Editors DUBAI Dubai (d  bī`), sheikhdom (1995 pop. 674,101), c.1,500 sq mi (3,890 sq km), part of the federation of seven United Arab Emirates, SE Arabia, on the Persian Gulf. , United Arab Emirates--(BUSINESS WIRE)--Sept. 7, 2000 Zarara Oil and Gas Limited (Pink Sheets:ZARAF) is pleased to announce that the jack-up drilling rig owned by Noble Drilling Company has arrived at the Sofala
The rig has begun setting-up and should commence drilling shortly. Zarara's partner, and the operator for the group, is Sasol Petroleum International, a subsidiary of Sasol, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SASOY) of Johannesburg, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . The Sofala Bay Prospect is located within the confines con·fine v. con·fined, con·fin·ing, con·fines v.tr. 1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. of the Sofala-Sengo Marine Block that encompasses 11,550 square kilometers (4460 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. ). The block is held by Sasol with 90% and Zarara with 10% interest. The proposed well, Sofala #2, is located 17 kilometers (11 miles) offshore and is approximately 20 kilometers (12.5 miles) southeast of Beira in water depths of less than 10 meters (33 feet). The well will be drilled to approximately 1870 meters (6100 feet) to test the Lower Grudja G-9 sandstones on a faulted three-way closure. Total time to drill and test the well has been estimated at 39 days. The G-9 interval has proven productive at the Buzi Field ( now held 100% by Zarara) and at the Temane Field that was successfully drilled by Arco International, Sasol and Zarara in 1998. The five wells drilled at Temane each tested gas at rates up to 25 million cubic feet per day. Zarara Oil and Gas Limited is an international oil and gas exploration and development company. As part of its ongoing activities, Zarara, through its subsidiaries, is currently participating with partners in the exploration and development of natural gas reserves in Mozambique. Special Note Regarding Forward-looking Information This press release contains statements that constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Any statements that express or involve discussions with respect to predictions, business strategy, budgets, exploration and development opportunities or projects, the expected timing of commencement of production or other expectations, beliefs, plans, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those anticipated by the Corporation. These include, but are not limited to, the risks of the oil and gas industry (for example, operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. of exploring for, developing and producing crude oil and natural gas and the uncertainty of reserve estimates), risks in conducting foreign operations fluctuations in oil and gas prices and exchange rates, and the uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects. Additional information concerning certain of these and other factors which could affect the Corporation's operations or financial results is included under the heading "Risk Factors" in the Annual Report on Form 20-F filed by the Corporation with the Securities and Exchange Commission. |
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